AMAR AMBIENCE SAHKARI GRUHRACHNA SANSTHA MARYADIT , PUNE V. ITO WARD 7(1), PUNE

MA 338/PUN/2022

AI Insights

The case involves Amar Ambience Sahkari Gruhrachna Sanstha Maryadit, the appellant, who filed a Miscellaneous Application under section 254(2) of the Income Tax Act, seeking to recall/rectify the tribunal's earlier order which partly accepted their main appeal for statistical purposes. The dispute centered on the tribunal's directions to the Assessing Officer to allow expenditure under section 57(iii) of the Act against an interest income of Rs.25,84,008. The assessee argued that the deduction relief should not be restricted to just the interest expenditure as the maintenance charges/expenses also had a direct nexus with the interest income. The tribunal, after hearing both parties, clarified that it is the assessee's responsibility to prove this nexus in the subsequent proceedings.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 134072 (ITAT-PUNE)
• Duration Of Justice: 10 month(s) 27 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 23-08-2023
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Next Hearing Date: 17-08-2023
• Assessment Year: 2015-2016
• Appeal Filed On: 26-09-2022
• Laws Referred To: Income Tax Act
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 254(2)

Judgement Text

आयकर अपीलीय अिधकरण “एसएमसी” Ɋायपीठ पुणे मŐ। IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “SMC”, PUNE BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER Miscellaneous Application No.338/PUN/2022 (arising out of ITA No.84/PUN/2020) िनधाᭅरण वषᭅ / Assessment Year : 2015-16 Amar Ambience Sahkari Gruhrachna Sanstha Maryadit, Sr.No.61/46/461/3A 3B, Ghorpadi, Pune – 411001. PAN: AABAA5618G Vs . The Income Tax Officer, Ward-7(1), Pune. Appellant / Assessee Respondent / Revenue Assessee by Shri Kishor B Phadke – AR Revenue by Shri M.G.Jasnani – DR Date of hearing 18/08/2023 Date of pronouncement 24/08/2023 आदेश/ ORDER Per S.S.Godara, JM: This assessee’s Miscellaneous Application filed MA No.338/PUN/2022 under section 254(2) of the Act seeks to recall/rectify the tribunal’s order dated 28.07.2022 accepting its corresponding main appeal ITA No.84/PUN/2020 partly for statistical purpose. Heard both the parties at length. Case file perused. Miscellaneous Application No.338/PUN/2022 Amar Ambience Sahkari Gruhrachna Sanstha Maryadit [A] 2 2. It emerges at the outset that the assessee’s limited prayer pressed during the course of hearing is regarding the tribunal’s directions in para 4 issued to the Assessing Officer to allow expenditure under section 57(iii) of the Act against interest income of Rs.25,84,008/-. Learned counsel’s sole argument is that the impugned deduction relief could not be restricted to the extent of interest expenditure since its maintenance charges/expenses have also got a direct nexus with the very interest income. 3. Faced with the situation and in light of the clinching fact that the tribunal’s order has already restored the matter back to the Assessing Officer for the purpose of verification of expenditure under section 57(iii) of the Act, I deem it appropriate to clarify that it shall be the assessee’s onus only to prove the clinching nexus between its maintenance charges u/s.57(iii) and interest income in consequential proceedings. Ordered accordingly. 4. The assessee’s Miscellaneous Applications is allowed in above terms. Order pronounced in the open Court on 24 th August, 2023. Sd/- (S.S.GODARA) JUDICIAL MEMBER पुणे / Pune; ᳰदनांक / Dated : 24 th August, 2023/ SGR* Miscellaneous Application No.338/PUN/2022 Amar Ambience Sahkari Gruhrachna Sanstha Maryadit [A] 3 आदेशकᳱᮧितिलिपअᮕेिषत / Copy of the Order forwarded to : 1. अपीलाथᱮ / The Appellant. 2. ᮧ᭜यथᱮ / The Respondent. 3. The CIT(A), concerned. 4. The Pr. CIT, concerned. 5. िवभागीयᮧितिनिध, आयकर अपीलीय अिधकरण, “एस.एम.सी” बᱶच, पुणे / DR, ITAT, “SMC” Bench, Pune. 6. गाडᭅफ़ाइल / Guard File. आदेशानुसार / BY ORDER, // TRUE COPY // Senior Private Secretary आयकर अपीलीय अिधकरण, पुणे/ITAT, Pune.